SamFisher's right - the millions aren't acquired (and kept) by cramming all your money into a bank account. My net worth is hundreds of thousands, and my retirement plan should result in the accrual of well over a million in 30 years. But most of my current value is not liquid (it's tied up in ways that make it difficult, unpleasant, or impossible for me to really get my hands on). For now, I sack my lunch and dream of someday having digital TV. Self-made millionaires don't acquire wealth by spending. They get it by saving - till it hurts.
Well, if you add up all the money I've ever made plus my current salary for the next x number of years, I'll make a million bucks in about 25 years....too bad I'll spend most of it on frivilous things like mortgage payments, electricity, and food...
You cant go just by what's in your accounts its the difference between your total assets and total liabilities.. I hope to sock enough back to stop working by 50ish, I just hope there arent too many huge bumps in the road on the way..
My parents invested mostly in CD's. They really never owned stocks, mutual funds, etc. Well maybe in my mom's 401k, but I don't think she has much in that. My dad had a heart attack back in 1987 or so and hasn't worked since. The most he ever made was $12/hour I think. Their net worth is over a million - their house appraises at $90k. lol. When people realize that it's not just how much you make or just where you invest it that matters, but how much of it you don't waste and how much you save, you'll see that making $1 million isn't that difficult, especially if you have 2 people working and making a good income.
1,2,3,4 Hey, look me over Tell me do u like what u see? Hey, I ain’t got no money But honey I’m rich on personality Hey, check it all out Baby I know what it’s all about Before the night is through U will see my point of view Even if I have 2 scream and shout Baby I’m a (star) Might not know it now Baby but I r, I’m a (star) I don’t want to stop, ’til I reach the top Sing it (we are all a star!) Hey, take a listen Tell me do u like what u hear? If it don’t turn u on Just say the word and I’m gone But honey I know, ain’t nothing Wrong with your ears Hey, check it all out Better look now or it just might be 2 late (just might be 2 late) My lucks gonna change tonight There’s gotta be a better life Take a picture sweetie I ain’t got time 2 waste Oh baby I’m a (star) Might not know it now Baby but I r, I’m a (star) I don’t want to stop, ’til I reach the top Sing it! (we are all a star!) Everybody say, nothing come 2 easy But when u got it baby, nothing come 2 hard You’ll see what I’m all about (see what I’m all about) If I gotta scream and shout (if I gotta scream and shout) Baby baby (baby) baby (baby) baby (baby) Yeah Yeah yeah yeah yeah yeah (star) Might not know it now Baby but I r, I’m a (star) I don’t want to stop, ’til I reach the top Sing it! (star) Baby baby baby Oh baby I’m a (star) Baby baby baby Somebody (we are all a star) (baby I’m a star) We are all a star We are all a star Doctor! Baby, baby, baby, baby, Baby, baby, baby, baby We are all a star
Damn, and I felt really rich because my 401k is about to hit 10 grand. Thanks for making me feel poor.
Personally, I think 401k is a waste of time. If I have to depend on my 401k when I retire, I've failed to reach my financial goals. Balance the tax break vs real money to invest. Edit: Contributing to your 401k over what your employer matches is a waste.
You.. can be a millionaire.. and never pay taxes! You can be a millionaire.. and never pay taxes! You say.. "Steve.. how can I be a millionaire.. and never pay taxes?" First.. get a million dollars. Now.. you say, "Steve.. what do I say to the tax man when he comes to my door and says, 'You.. have never paid taxes'?" Two simple words. Two simple words in the English language: "I forgot!" - Steve Martin
Not true. Let's say you're in a 30% tax bracket. Money that you invest in your 401k automatically give you a +30% advantage on any other investment that you would invest in because you're using after tax dollars. Unless your 401k sucks it's hard to find an investment that can give you that return.
